RBNZ Chairman Neil Quigley resigns day after release of Ombudsman’s report on handling of Adrian Orr departure
Reserve Bank Chairman Neil Quigley has resigned, Finance Minister Nicola Willis says.
In a statement issued late on Friday, Willis says Quigley tendered his resignation from the Board, and as Board Chairman, with immediate effect.
Willis told Newstalk ZB that she would have asked for his resignation had he not chosen to offer it himself.
Quigley’s departure comes a day after the Chief Ombudsman completed an inquiry into complaints received about the Reserve Bank’s handling of Official Information Act requests relating to the abrupt departure of ex-Governor Adrian Orr in March. This saw the Reserve Bank publish a timeline of events leading up to Orr’s departure on Thursday.
Appointed to the Reserve Bank Board in 2010, Quigley was elected Chairman in 2016. His term was not due to end until June 2026.
“Mr Quigley has decided that having overseen a number of key workstreams for the Bank, now is the appropriate time for him to hand over to a new Chair,” says Willis.
“Mr Quigley departs with a new funding agreement in place, a major review of capital settings out for consultation and the recruitment of a new Governor well-advanced. He leaves the Bank well-positioned for the future. I thank him for his service and wish him well for the future.”
She says Reserve Bank Deputy Chairman Rodger Finlay “will exercise the functions” of the Chairman until an appointment is made.
“Mr Quigley’s departure creates a vacancy on the board which will be filled in due course,” adds Willis.
Quigley is also Vice-Chancellor of the University of Waikato.
Finlay is a former investment banker and fund manager and director or trustee of several entities including Rural Equities Ltd. He’s also a fellow of Chartered Accountants ANZ.Â